More home foreclosures are coming, Federal Reserve Chairman Ben Bernanke warned on Tuesday. A “vigorous response” is needed.
MAKING SENSE OF THE STORY FOR CONSUMERS
• Although high concentrations of foreclosures can be found in certain communities, these neighborhoods are not representative of the state as a whole. Foreclosure rates vary widely between neighborhoods, cities and counties.
• The declining home prices that have resulted from the large numbers of foreclosures in some areas have put entry-level homes within reach of many would-be home buyers who couldn’t afford homes in previous markets.
• There are several private and public initiatives already underway or in the works to help distressed home buyers.
Information from CAR Market Matters